Practice Tips

Masks Recommended for REALTORS® and Clients as BC Introduces New COVID-19 Measures

| August 25, 2021

The British Columbia Real Estate Association (BCREA) recommends REALTORS® and your clients once again wear masks while conducting open houses and private showings as a result of rising COVID-19 case numbers and the BC government’s recent announcement that beginning August 25, people 12 and older – both vaccinated and unvaccinated – will be required to wear a mask in indoor public spaces.   The government also announced that proof of vaccination through a …

Where to Find Resources From BCFSA, Real Estate’s New Regulator

| August 1, 2021
Realtors are invited to a webinar regarding the Fall 2020 Standard Forms Release

On August 1, 2021, the BC Financial Services Authority (BCFSA) became the new regulator for real estate service providers in BC. That means the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) no longer exist.   BCREA recently published a blog post with a video explaining the change in regulators and a series of resources …

Revised Real Estate Rules Now in Effect Under New Regulator

| August 1, 2021

As a result of the integration of the Real Estate Council of BC (RECBC) and Office of the Superintendent of Real Estate (OSRE) into the BC Financial Services Authority (BCFSA) on August 1, the Real Estate Rules, now named the Real Estate Services Rules, have been revised. The changes take effect immediately. With RECBC and …

Five Insurance Tips for Wildfire Season

| July 16, 2021

Sadly, it seems that in addition to spring, summer, fall and winter, BC now has a fifth season: wildfire season. What’s worse is that this year the wildfire season has gotten off to an early start, making it more important than ever for REALTORS® to help clients manage wildfire risks. While there are some things …

RECBC, OSRE and BCREA Update Recommendations on Open Houses

| June 30, 2021

As of July 1, brokerages and REALTORS® should follow WorkSafeBC’s Communicable Diseases Prevention guidelines. June 30, 2021 – With British Columbians set to enter Step 3 of the province’s Restart Plan on July 1, the Real Estate Council of BC (RECBC), the Office of the Superintendent of Real Estate (OSRE) and the British Columbia Real …

No Changes to Real Estate Practice in Step 2 of Restart Plan

| June 10, 2021

With vaccine numbers rising and infection rates continuing to fall, BC is on track to move to step 2 of BC’s Restart Plan as of June 15 and all of us are eager for further easing of COVID-19 restrictions. However, REALTORS® and consumers will have to be patient a little longer when it comes to …

Webinar Recording: Understanding the June 1 FINTRAC Changes

| June 9, 2021

On June 2, BCREA hosted a free one-hour webinar to help REALTORS® and brokerages understand the new regulatory amendments introduced by the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) on June 1. Thank you to the over 4,400 Realtors who attended! If you attended the full live session, please allow up to two …

Getting Ready for the June 1 FINTRAC Changes: Virtual Currency Obligations

| May 31, 2021

By: Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor The rise of virtual currency If you’ve followed the news lately, you’ve probably noticed the increased prominence that virtual currencies are gaining on the global financial landscape.  A 2019 study estimated that 9% of the global population owns Bitcoin, while British Columbia alone is home to 229 …

BCREA Video Series: Are You Ready for the June 1 FINTRAC Changes?

| May 25, 2021

In case you haven’t heard, the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced new and revised regulatory requirements that come into effect on June 1, 2021, that will impact your real estate practice and anti-money laundering obligations. To ensure you’re ready for these changes, BCREA has created a series of short …

UPDATE: Learn Ten Things About LOTR in Under One Minute

| May 13, 2021

Updated on May 12, 2021, to reflect that the Land Owner Transparency Registry is now publicly searchable. The Land Owner Transparency Registry, or LOTR, is a publicly accessible registry of information about individuals who have an indirect interest in land that is held through corporations, trusts and partnerships. Here are ten things REALTORS® can learn …

UPDATE: 2021 Changes to Your Anti-Money Laundering Obligations

| May 12, 2021

FINTRAC: What’s Changed Using LOTR Last updated: June 1, 2021 Overview New and revised regulatory amendments from the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) are now in effect and BCREA has created this resource page to help REALTORS® and brokerages understand their new FINTRAC obligations and how to use BC’s Land Owner Transparency …

UPDATED: Selling Tenant-Occupied Properties During the COVID-19 Pandemic

| May 5, 2021

Update: This post was updated on May 5, 2021 after a review of suggested protocols. REALTORS® are encouraged to read the updated version below. Selling a tenant-occupied property is always more complicated than selling an owner-occupied property. Selling a tenant-occupied property during a global pandemic adds another layer of complexity.  As a REALTOR®, you have …

UPDATED: As COVID-19 Case Counts Rise, REALTORS® Should Continue to Prioritize Health and Safety

| May 5, 2021

Update: This post and the Safer Showings documents referenced below were updated on May 5, 2021 to align with Provincial Health Officer orders and directives up to and including April 2021. Real estate professionals must continue to adapt to protect themselves, consumers and communities from COVID-19. While provincial restrictions do not directly impact REALTORS® ability …

Getting Ready for the June 1 FINTRAC Changes: Beneficial Ownership

| April 29, 2021

By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor What is a beneficial owner, and why do I need to know?  A beneficial owner is defined in Canadian federal anti-money laundering regulations as an individual who owns or controls 25% or more of an entity. This could be through direct ownership or ownership of another entity. For …

Getting Ready for the June 1 FINTRAC Changes: Business Relationships

| April 14, 2021

By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor Brokerages have been required to conduct ongoing monitoring of their business relationships ever since the concept was introduced into regulation in 2014. At that time, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) clarified that a business relationship is established if a brokerage conducts two …

The British Columbia Real Estate Association acknowledges that our head office is located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam). We also acknowledge the other 195 First Nations in British Columbia, as these are the lands we each call home.

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